Credit card security is always an issue when transacting over the internet. This new twist on an old standby has people up in arms in Austin, Texas. Credit card numbers from restaurant guests at a local downtown hotel were stolen when enterprising fraudsters hacked into the hotel’s accounting network.
The hotel has fixed the security breach but it is not known exactly how many victims there are but local law enforcements have estimated that up to 700 credit card numbers have been stolen. Numbers from the guests of the Driskill Hotel restaurant were stolen along with patrons who stayed at one of the approximately three dozen locations managed by Destination Hotels and Resorts, the parent company of Driskill Hotel. T
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The issues surrounding of credit is such a hot topic these days. The ever changing regulations and the rise of consumer debt create constant controversy over the use of consumer credit. The use and abuse of the credit cards run both ends of the spectrum. Some spend without limit and end up in debt. Others who fear the instability of the economy may have taken a hard stop approach to liberal card use out of fear. Either scenario poses a threat to the credit card industry that will force card companies to target new and untapped markets to ensure survival.
Several factors have had a significant impact on why, how and how often Americans turn to the credit card, or turn against it.
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The theory of owning a small business used to be that you need to keep your business and personal finances separate. This helps keep accounting accurate and allows the business itself to build it’s own credit history. With the recently enacted CARD act legislation, the benefits of business credit cards remain but with a few strong caveats.
Why the Changes?
The CARD Act was devised to offer more consumer protection for credit card holders. Because card companies began inflating interest rates, lowering grace periods, and essentially charging any amount of fee to turn a profit after record defaults, consumers had little protection and faced mounting debt daily. B
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Another complaint of ATM fraud has been made by three more victims to the cyber crime investigation cell (CCIC) of UT police.
The three victims claimt of money being withdrawn from their accounts. They got to know of this through their mini statements.
In another case, Rs 1.11 lakh was taken out from the accounts of three other customers using cloned ATM cards. All the cases have occured with SBI customers.
Indirect or direct role of bank employees in this scam is also being considered.
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The central district police have nabbed an international credit card cloning gang. One of the members of the gang named Sahubar Maina Mohammad has been arrested on the same grounds.
“On August 18, owner of Spice Retails Ltd in Daryaganj area informed sub-inspector Dharmender about a `Spanish man’ who had come to the shop to buy cellphones. He was allegedly carrying a number of credit cards and the shop owner found his activities suspicious,” said DCP (central) Jaspal Singh.
The passport held by the person was found to be a forged one.
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— Rachel Scott @ 7:58 am — 
September 1, 2010